Moog Announces Expansion of Share Repurchase Program

East Aurora, NY, Moog Inc. (NYSE: MOG.A and MOG.B) announced today that its Board of Directors has amended its previously announced share repurchase program to include an additional 4,000,000 shares.

The program, originally authorized in January 2014 and expanded in August 2014, included the authorization to repurchase an aggregate of 9,000,000 shares of its Class A and Class B common stock at management’s discretion. Under those programs, 8.3 million shares were purchased as of August 7, 2015.

After giving effect to the increase in authority, the Company will be able to acquire an aggregate of 4.7 million shares of its Class A and Class B common stock at management’s discretion. The timing of repurchases will depend upon several factors, including various debt covenants, market and business conditions. The Company does not expect the pace of purchases to match that of the previous 18 months, in part due to compliance requirements with financial covenants included in its debt agreements. The program may be discontinued at any time.

“Our cash flow has been strong over the last few years," said John Scannell, Chairman and CEO. "This has afforded us the opportunity to return nearly $600 million of value to our shareholders in the form of a share repurchase program that we initiated in early 2014. We are pleased to have the flexibility to continue this program.”

The transactions will be made in accordance with rules and regulations of the U.S. Securities and Exchange Commission and other rules that govern such purchases.

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog's high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at http://www.moog.com.

Cautionary Statement

Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements. These important factors, risks and uncertainties include:

the markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;

we operate in highly competitive markets with competitors who may have greater resources than we possess;

we depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;

we make estimates in accounting for long-term contracts, and changes in these estimates may have significant impacts on our earnings;

we enter into fixed-price contracts, which could subject us to losses if we have cost overruns;

we may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects;

if our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted;

contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting kickbacks and false claims, and any non-compliance could subject us to fines and penalties or possible debarment;

the loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results;

our new product research and development efforts may not be successful which could reduce our sales and earnings;

our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete;

our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations;

the failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages;

our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs; and

we are involved in various legal proceedings, the outcome of which may be unfavorable to us.

These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. We disclaim any obligation to update the forward-looking statements made in this report.

Contact Us

Phone: 716-687-4225.
Email: investorrelations@moog.com

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